You are thinking about buying a car, and a local bank is willing to lend you $20,000

Question:

You are thinking about buying a car, and a local bank is willing to lend you $20,000 to buy the car. Under the terms of the loan, it will be fully amortized over 5 years (60 months), and the nominal rate of interest will be 12 percent, with interest paid monthly.
What would be the monthly payment on the loan? What would be the effective rate of interest on the loan?